Universal Health Services, Inc.Investor Presentation

Our Proven and Successful Business StrategyOur Proven and Successful Business Strategy

Diversified Business Model: Behavioral Health andAcute Care Hospitals

Strong Capital Structure and Capital Access

Market Leadership, Many Markets withMultiple Facilities

Focus on Rapid Growth Areas

Growth through Expansion in Existing Markets andSelective Acquisitions

Quality and Standardization of Service

A Premier Facilities-Based Healthcare Provider

Diversified Business Mix

A Premier Facilities-Based Healthcare Provider

Diversified Business Mix

53%54%

BehavioralAcute Care

EBITDA *Revenue*

*12 months ended 12/31/2018

46%47%

Geographic DiversityUHS Operates Facilities in 37 States, DC, Puerto Rico, and the United Kingdom

NV 19%

TX 17%

CA 11%

FL 8%

DC 6%

UK 5%SC 3%PA 3%GA 2%IL 2%TN 2%

VA 2%

MA 2%

Other 18%

Net Revenues by State

*12 months ended 12/31/2018

Other Includes:*26 States and Puerto Rico: each less than 2%.

Sources of Revenue

*12 months ended 12/31/2018

Our businesses should benefit from:

Favorable demographics High growth markets Dominant market positions Attractive industry trends in both behavioral

health and acute care Additional access created by health reform Tax Reform

Outlook

Very Favorable DemographicsVery Favorable DemographicsNumber of 65+ Individuals in the United States

* Data provided by www.census.gov

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

80,000,000

90,000,000

100,000,000

1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050

65 and Older Population % of Total Population

Same Store Adjusted Admissions Growth

+2.1%

+3.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

UHS Acute Industry*

Same Store Adjusted Admission Trends vs Industry

*Includes HCA, CYH, THC, & LPNT

Revenue Per Adjusted Admission - Acute

4.1%

Revenue Per Adjusted Patient Day – Behavioral Health

2.6%

Same Store Revenue Growth

+4.6%

+2.6%

Behavioral Sector: Highly Attractive Industry Dynamics

Mental Health and Substance Abuse service industry = approximately $50.0 billion

Estimated 73 million people in the U.S. with diagnosable mental illnesses

4 of the 10 leading causes of disability in the U.S. are mental illnesses

Stable pricing and increasing admissions and occupancy trends

Minimal exposure to uncompensated care

Lower capital requirements

Positive impact from ACA, Mental Health Parity rules and the elimination of IMD exclusion provides industry tail wind

Behavioral Health Division Overview

Leading Behavioral Health provider ranked by total hospitals, total beds and net patient revenue

324 inpatient facilities and 21 outpatient facilities in 36 states, DC, and Puerto Rico

135 facilities in the UK

2018 Net Revenue of $5.0 billion

75% Occupancy rates and strong same store operating margins

Disciplined and strategic approach

Continued growth through acquisition and expansion

Proven track record of assimilating and improving acquired facilities

Strong Behavioral Health Occupancy Rates

50%

60%

70%

80%

90%

100%

Behavioral Health - UK

Purchased Cygnet Health Care in September 2014 16 facilities with 723 beds One of the largest providers of behavioral health facilities in the UK Leading specialist mental health provider in the UK Experienced Management Team

Acquired Orchard Portman House Hospital in February, 2015: 46 bed behavioral health hospital located in Taunton

Acquired Alpha Hospital Holdings Limited in August, 2015 adding four (4) hospitals and 308 beds to the Cygnet Family

Acquired Cambian Group’s Adult Services Division in December 2016, adding 81 behavioral facilities with 1,213 beds

Opened 56 bed de novo hospital in Coventry, West Midlands, England in April, 2017

Acquired The Danshell Group on 7/31/2018: 23 Facilities, 288 beds

Opened 65 bed de novo hospital in Maidstone, England

135 facilities, 2,669 beds

Behavioral Health Capital Expansions

2018: 734 new beds at 23 facilities (including 4 de novo hospitals totaling 365 beds and converted 46 beds fromRTC to acute

2017: 471 new beds at 19 facilities (including 2 de novostotaling 129 beds); and converted 92 beds from RTC to acute

2016: 437 new beds at 15 facilities (including 2 de novo facilities totaling 156 beds)

2015: 344 new beds at 12 facilities; and converted37 beds from RTC to acute

2014: 500 new beds at 18 facilities; and124 beds converted from RTC to acute

Recent Behavioral Health Acquisitions,de Novo and Replacement Facilities

Inland Northwest Behavioral: 100 bed hospital J.V. with Providence Health in Spokane, WA opened Q/3/2018

Palm Point: 80 bed hospital in Titusville, FL opened Q/3/2018

Lancaster Behavioral Health Hospital, a 126 bed hospital in Lancaster, PA under construction and opened July, 2018. J.V. between UHS, Lancaster General Health and Penn Medicine.

Acquired Gulfport Behavioral Health System: 109 bed hospital in Gulfport, MS in January, 2018

Cedar Creek: 60 bed de novo facility in St. John, MI opened Q/4/2017

Coral Shores: 80 bed de novo in Stuart, FL

Coventry: a 49 bed de novo in the United Kingdom opened in Q/2/2017

Acquisition of Foundations Recovery Network

One of the premier names in addiction treatment

Completed Acquisition in September, 2015; $350 million purchase price

322 residential beds in 4 facilities and 8 outpatient centers

Over 140 expansion beds in pipeline

Skywood Recovery; 100 bed de novo facility in Augusta, MI opened April, 2016

Strategically important acquisition – complements existing addiction business

Platform for growth in expanded substance use disorder service line

Acute Care Hospital Business Fundamentals

Predictable Demand Over Long Term: Very Favorable Demographics

Limited Local Competition

High Cash Flow Generation

Provides Basic Need of Society

Limited Technology Risk

Many Financially Challenged Non-Profits

Preparing for Shift fromFee for Service to Fee for Value

Acquisition/employment of Primary Care Physicians

Employment of specialists (where strategic)

Clinical Integration

Reducing Clinical Variation

Medicare Advantage/bundled payment

Health Insurance Plan (NV/TX)

Acute Care Development and Expansions

Opened 14 new beds at Aiken and 144 new beds in Las Vegas: 36 at Henderson Hospital, 72 at Spring Valley, 31 at Summerlin, and 5 at Valley Hospital (Q/4/2018)

Opened 52 new beds at Texoma in Denison, TX (Q/2/2018)

Opened 24 new beds at Centennial Hills in Las Vegas, NV (Q/1/2018)

Opened 27 new beds at Palmdale Regional Medical Center in Palmdale, CA in Q/3/2017

Opened 22 new beds at Edinburg Regional Medical Center in Edinburg, TX (Q/1/17)

Construction underway of 30,000 sf addition to Temecula Valley Hospital to expand cardiovascular, stroke and surgical services. Scheduled to open late Summer, 2018.

30 bed ER at Corona Regional Medical Center opened in May, 2017

Henderson Hospital, a 142 bed de novo hospital in Southeast Las Vegas opened 10/31/2016

Acquired Desert View Medical Center, a 25 bed critical access hospital in Pahrump, NV (3rd quarter, 2016)

Acute Care FEDs and Urgent Care

Nine Freestanding Emergency Departments (FEDs) and Six Urgent Care Clinics open and operational

Four FEDs under construction and scheduled to open in 2019

Six additional FED sites approved and in various stages of development expected to open in 2020

Green Valley Ranch FED – Henderson, NV

UHS Strategy ExecutionLeadership Position in Markets

Improves managed care contracting and helps engage physicians

Creates opportunities for integrated support services

Increases operating predictability/stability

Increases cost effectiveness

Enhances growth opportunities

UHS Strategy Execution

Build Market Leadership

92% of UHS’s EBITDA is produced by hospitals ranked #1 or #2 in their markets

UHS acute care hospitals average 237 licensed beds.

UHS Focus on Rapid Growth Areas

UHS focuses on markets growing more rapidly than the U.S. as a whole

Estimated Growth in Population2017-2022

Estimated Growth in Population2017-2022

0%

2%

4%

6%

8%

10%

Total U.S. UHS Acute Care

4.1%

7.7%

Source: Spatial Insights

Las Vegas Market UHS is market share leader in Las Vegas

6 acute care hospitals; 1,864 licensed beds

2 behavioral health hospitals; 140 licensed beds

Added 168 new beds to existing hospitals in 2018

One FED opened in 2018. Two more in various stages of development

Opened 6th acute care hospital in Las Vegas market on 10/31/2016:130 bed hospital located in Henderson, NV (Southeast quadrant ofLas Vegas)

Acquired Desert View Medical Center, a 25 bed critical care accesshospital in Pahrump, NV in third quarter, 2016

Continued economic improvement – 4.7% unemployment down from14% in 2011

Henderson Hospital (Henderson, NV)

South Texas Market

Hildago County population approximately 865,000; Region population of about 1.25 million

A Market Share leader with 26% of the market

Three Acute Care hospitals (including a Children’s Hospital) and one Behavioral Health hospital with a total of 870 beds

Three free standing emergency departments: three more in development for planned openings in 2018 and 2019

Physician Integration Model

Washington D.C. Market

385 bed hospital: George Washington University Hospital

Strong population and economic growth in Washington, DC.

National brand name recognition and reputation

Level 1 Trauma Center and Destination for many of the District’s VIP population

Planned bed expansion of approximately 40 beds

Kidney transplant center dedicated November, 2015 and completed 100th kidney transplant in August, 2017.

Psychiatric Institute of Washington (“PIW”) a 124 bed behavioral health care facility and outpatient treatment center acquired April, 2014

George Washington University Hospital

Capital Allocation

(In Millions)

Capital Deployment

(In Millions)

(7 years 2012 - 2018)

$3.2B

$2.3B

$1.5B

$261M

Full Year ResultsDecember 31, 2018

$(Millions)

%Growth

Net Revenues $10,772 3.5%EBITDA $1,762 3.1%Net Income $894 23.3%EPS $9.53 26.6%

Debt/Total Capitalization 42.6%Debt/EBITDA 2.46

*Net income and EPS adjusted to exclude prior period and one time adjustments

UHS Summary

Unique Diversified Business Model: Behavioral Health and Acute Care

Dominant Local Franchises

Favorable Demographics

Experienced and Disciplined Management Team with strong track record of success

Substantial Growth Opportunities

Strong Financial Position

Universal Health Services, Inc.

3-21-2019